Did South Korea Just Secure an $18.2 Billion Nuclear Project in the Czech Republic?
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Synopsis
South Korea has achieved a significant milestone by securing an $18.2 billion deal to build two nuclear reactors in the Czech Republic, marking its first overseas venture in nuclear energy in 16 years. This development could reshape the European energy landscape amidst rising global demand for nuclear power.
Key Takeaways
- South Korea has secured a significant $18.2 billion contract.
- This project is South Korea's first nuclear venture abroad in 16 years.
- The consortium is led by KHNP.
- The project aims to enhance South Korea's presence in the European nuclear market.
- APR-1000 reactors will be tailored to meet local demands.
Seoul, May 1 (NationPress) South Korea has secured a massive $18.2 billion contract to construct two nuclear reactors in the Czech Republic, marking its first international nuclear power project in 16 years, as reported by officials. A consortium from South Korea, spearheaded by Korea Hydro & Nuclear Power Co. (KHNP), is set to formalize an agreement with the Czech Republic's Elektrarna Dukovany II (EDU II) next Wednesday, according to Reuters and confirmed by the Czech government, as per Yonhap news agency.
The South Korean government expressed immediate approval of the Czech announcement.
"The two nations are in discussions regarding the specifics of the upcoming contract signing ceremony," stated the Ministry of Trade, Industry and Energy in a press release.
This agreement, valued at 26 trillion won (approximately US$18.2 billion), signifies South Korea's first triumph in international nuclear projects since 2009, when KHNP secured the contract for the Barakah Nuclear Power Plant in the United Arab Emirates.
In July 2024, South Korea was designated as the preferred bidder for the Czech initiative to construct two nuclear reactors at the Dukovany power facility.
To finalize the deal, South Korea navigated several challenges.
In January, KHNP reached a resolution with U.S. energy company Westinghouse Electric Co. regarding an intellectual property conflict related to the Czech project.
A recent appeal from French energy giant Electricite de France (EDF) was also dismissed by Prague's competition authority.
The export of nuclear technology to the Czech Republic is anticipated to bolster South Korea's presence in the European market, driven by the increasing global demand for nuclear energy, catalyzed by the artificial intelligence (AI) surge and heightened energy security concerns amid geopolitical tensions.
With the Dukovany project, South Korea is poised to gain a competitive edge for potential opportunities for another nuclear power facility in the Czech Republic.
The European nation is reportedly contemplating the construction of two additional reactors at another site in Temelin.
For the Dukovany plant, South Korea intends to supply the Czech Republic with APR-1000 models, which are derived from the advanced APR-1400 design utilized at the Barakah Nuclear Power Plant, yet tailored to accommodate local specifications, including a reduced capacity.
Point of View
This development reflects South Korea's strategic approach to enhancing its influence in the global energy sector. The successful bid for the Czech nuclear project not only boosts the nation's economy but also positions it as a leader in nuclear technology, critical for addressing the rising energy security needs in Europe.
NationPress
17/06/2025
Frequently Asked Questions
What is the value of the deal South Korea won?
The deal is estimated to be worth 26 trillion won or approximately US$18.2 billion.
Who is leading the South Korean consortium?
The consortium is led by Korea Hydro & Nuclear Power Co. (KHNP).
When will the final agreement be signed?
The final agreement is set to be signed next Wednesday.
How long has it been since South Korea's last overseas nuclear project?
It has been 16 years since South Korea's last overseas nuclear power plant project.
What types of reactors will be supplied to the Czech Republic?
South Korea plans to supply the APR-1000 models, modified for local requirements.
